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Other Real Estate Owned, Net
 9 Months Ended
Sep. 30, 2022
Other Real Estate Owned, Net [Abstract]  
Other Real Estate Owned, Net

Note 5 - Other Real Estate Owned, net

The following table presents the components of other real estate owned (“OREO”) at September 30, 2022 and December 31, 2021:

​

​

​

​

​

​

​

​

(in thousands)

    

September 30,
2022

    

December 31,
2021

Acquisition and development

​

$

4,670

​

$

4,477

Residential mortgage

​

​

63

​

​

—

Total OREO, net

​

$

4,733

​

$

4,477

​

The following table presents the activity in the OREO valuation allowance for the nine and three month periods ended September 30, 2022 and 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended

​

Three Months Ended

​

​

September 30,

​

September 30,

(in thousands)

    

2022

    

2021

​

2022

​

2021

Balance beginning of period

​

$

453

​

$

1,010

​

$

453

​

$

543

Fair value adjustment

​

​

—

​

​

(160)

​

​

—

​

​

—

Sales of OREO

​

​

—

​

​

(396)

​

​

—

​

​

(89)

Balance at end of period

​

$

453

​

$

454

​

$

453

​

$

454

​

​

The following table presents the components of OREO (income)/expenses, net, for the nine and three month periods ended September 30, 2022 and 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended

​

Three Months Ended

​

​

September 30,

​

September 30,

(in thousands)

    

2022

    

2021

​

2022

​

2021

Gains on sale of real estate, net

​

$

—

​

$

(594)

​

$

—

​

$

2

Fair value adjustment, net

​

​

—

​

​

(160)

​

​

—

​

​

—

Expenses, net

​

​

378

​

​

345

​

​

129

​

​

150

Rental and other income

​

​

(3)

​

​

(51)

​

​

(1)

​

​

(2)

Total OREO expenses/(income), net

​

$

375

​

$

(460)

​

$

128

​

$

150

​